East Dunbartonshire house prices set to soar

Herald reporter

Property experts have predicted that house prices in East Dunbartonshire will rocket by over 20 per cent in the next five years.

The Barclays UK Property Predictor provides a three-to-five year forecast of investment hotspots on the residential property market, revealing the areas across the UK where house prices and rental incomes are expected to rise.

The report says that East Dunbartonshire will enjoy a rise of 22.5 per cent - one of biggest price increases in Scotland, beating Edinburgh’s predicted 20.2 per cent rise.

The report explain: “Home to two of Scotland’s most well-heeled suburbs, Milngavie and Bearsden, they have some of the country’s best schools which are regularly ranked in Scotland’s top ten as well as being a sought after location for retirees.

“With easy commuting distance from Glasgow, the research suggests that the once desired busy city life has been ditched for a more relaxed suburban lifestyle as parents are keen to escape the hustle and bustle of city centres to set up home in the outskirts.”

The research uses factors including rental trends, employment levels and commuter behaviour as well as current house prices to create an index of property hotspots.

The research also surveyed high net worth investors from across the UK, to reveal where and why they plan to purchase property in the future.

East Dunbartonshire’s fecast compares favourable to that of Scotland as a whole, where house prices are expected to rise by 8 per cent by 2021.

The rises are being predicted on the basis of high employment rates, growth in private housing market levels and an increase in rates of average earnings.

According to the research, and despite an uncertain economic and political climate, the UK property market remains buoyant with prices in areas across the UK set to rise by an average of 6.1% by 2021, bringing the average value of a UK property to almost £300,000.

Calum Brewster, Managing Director, Barclays, Wealth & Investments, North Region, Barclays, said: “It’s encouraging to see that property is still viewed as an important part of the investment portfolio in Scotland with high net worth investors typically owning three properties and over a quarter planning to buy property because they believe that it offers long-term investment security.

“There is also increasing confidence among property investors in Scotland, as many are taking a long-term view when it comes to putting money into property. It’s also interesting to see from our research how investment prospects are emerging outside of the established property heartland of London and the South of England into Scotland, with economic growth and employment opportunity fuelling growth in hotspots across the UK.”